OTC Pharmaceuticals - Colombia | Statista Market Forecast

Revenue in the OTC Pharmaceuticals market amounts to US$1.27bn in 2024. The market is expected to grow annually by 7.00% (CAGR 2024-2029).
The market's largest segment is the segment Skin Treatment with a market volume of US$328.00m in 2024.
In global comparison, most revenue is generated United States (US$41bn in 2024).
In relation to total population figures, per person revenues of US$24.22 are generated in 2024.
In the OTC Pharmaceuticals market, 10.6% of total revenue will be generated through online sales by 2024.

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

Natural and synthetic agents
Analgesics (e.g. Asprin, Paracetamol)
Cough & Cold remedies (e.g. Vicks VapoRub)
Vitamins and Minerals
Skin treatment products

Prescription medicines
Homeopathic remedies

The OTC Pharmaceuticals market in Colombia is experiencing steady growth and development.

Customer preferences: Colombian consumers are increasingly turning to over-the-counter (OTC) pharmaceuticals for their healthcare needs. This can be attributed to several factors, including the convenience and accessibility of OTC products. Consumers appreciate the ability to purchase medications without a prescription, saving them time and money. Additionally, the wide range of OTC options available allows consumers to self-treat common ailments and minor health issues.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Colombia is the growing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking alternative treatments that are perceived as safer and more natural. This trend is reflected in the increasing availability of herbal supplements, vitamins, and other natural remedies in pharmacies and retail stores. Another trend in the market is the rising popularity of online sales of OTC pharmaceuticals. E-commerce platforms provide consumers with a convenient way to purchase medications and healthcare products from the comfort of their own homes. This trend has been further accelerated by the COVID-19 pandemic, as consumers are increasingly turning to online shopping for their healthcare needs.

Local special circumstances: Colombia has a rapidly growing middle class, which is driving the demand for OTC pharmaceuticals. As disposable incomes rise, consumers have more purchasing power and are able to afford OTC medications. This has led to increased sales and revenue in the OTC Pharmaceuticals market. Furthermore, Colombia has a well-established pharmacy network, with pharmacies being a common sight in urban areas. This widespread availability of pharmacies contributes to the accessibility and popularity of OTC pharmaceuticals among consumers.

Underlying macroeconomic factors: The Colombian economy has been experiencing steady economic growth in recent years, which has had a positive impact on the OTC Pharmaceuticals market. As the economy improves, consumers have more disposable income to spend on healthcare products, including OTC medications. Additionally, the government's efforts to improve healthcare access and affordability have also contributed to the growth of the OTC Pharmaceuticals market. Initiatives such as universal health coverage and increased investment in healthcare infrastructure have made healthcare more accessible to a larger portion of the population, leading to increased demand for OTC pharmaceuticals. In conclusion, the OTC Pharmaceuticals market in Colombia is developing due to customer preferences for convenience and accessibility, the growing demand for natural remedies, the rise of online sales, the expanding middle class, the widespread availability of pharmacies, and the country's improving economy and healthcare infrastructure. These factors are driving the steady growth and development of the market in Colombia.

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.